On June 3, the Reserve Bank of India (RBI) disclosed that 97.82% of the Rs 2000 currency notes in circulation as of May 19, 2023, have been returned to the banking system.
According to RBI’s statement, the total value of these banknotes in circulation dwindled to Rs 7,755 crore by May 31, 2024, down from Rs 3.56 lakh crore as of May 19, 2023, when the withdrawal of Rs 2,000 notes was declared. This move was part of the central bank’s clean note policy.
The opportunity for depositing or exchanging Rs 2000 currency notes was initially available at all bank branches across the country until October 7, 2023. Subsequently, from May 19, 2023, exchange services were provided at the 19 issue offices of the RBI. From October 9, 2023, these offices began accepting Rs 2,000 notes for deposit into individuals’ or entities’ bank accounts, as per RBI’s release.
Additionally, individuals within the country have been sending Rs 2,000 notes through India Post to any RBI issue office for crediting to their bank accounts.
Introduced in November 2016 to meet the economy’s currency demand swiftly following the withdrawal of Rs 500 and Rs 1,000 notes, Rs 2,000 notes were discontinued in 2018-19 after the circulation of other denominations normalized. Despite this, the RBI emphasized that Rs 2,000 notes remain legal tender.
